Tuesday, November 9, 2010

JPMorgan Chase: Financial Losers - TheStreet

JPMorgan Chase: Financial Losers - TheStreet:
"NEW YORK (TheStreet) -- Financial stocks were facing a down day as several large institutions, including JPMorgan Chase (JPM_) and Goldman Sachs (GS_), said in their quarterly SEC filings that they faced shareholder lawsuits related to the housing crisis.

The Financial Select Sector SPDR declined 0.9% to $15.31.
JPMorgan faces two class-action lawsuits, on top of state and federal investigations. The suits allege 'common law fraud and misrepresentation, as well as violations of state consumer fraud statutes' related to its decision in September to temporarily halt foreclosures, according to its quarterly filing.

JPMorgan shares were most recently down 0.6% to $40.26."

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